North America Truck On board Charger Market was valued at USD 0.3 Billion in 2022 and is projected to reach USD 0.6 Billion by 2030, growing at a CAGR of 8.5% from 2024 to 2030.
The rapid electrification of the transportation sector has significantly impacted the North American truck industry, leading to a burgeoning demand for efficient on-board chargers (OBCs). These integral components convert alternating current (AC) from external sources into direct current (DC), replenishing the vehicle's battery during operations. As industries increasingly adopt electric trucks, understanding the applications and requirements of OBCs becomes paramount.
In 2022, the North American on-board charger market was valued at approximately $1,658 million, with projections indicating a rise to $3,115.1 million by 2032, reflecting a compound annual growth rate (CAGR) of 6.56%. This growth is largely driven by the escalating adoption of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) within the trucking sector. BEVs accounted for $1,134.3 million in 2022 and are anticipated to reach $2,127 million by 2032, while PHEVs are expected to grow at a CAGR of 6.60% during the same period.
Industries are leveraging electric trucks for various applications, including urban deliveries, long-haul transportation, and specialized services. The versatility of OBCs allows for seamless integration into diverse operational frameworks, ensuring that trucks remain charged and ready across different scenarios. For instance, logistics companies benefit from OBCs by reducing dependency on extensive charging infrastructure, enabling overnight charging at depots and enhancing operational efficiency.
Key requirements from industries for truck on-board chargers include:
High Charging Efficiency: Minimizing energy loss during conversion to reduce operational costs.
Durability and Reliability: Ensuring consistent performance under various environmental conditions and rigorous usage.
Compatibility: Supporting a range of power outputs to align with different battery capacities and types.
Safety Features: Incorporating advanced thermal management and protective measures to prevent overheating and electrical faults.
Bidirectional Charging Capabilities: Facilitating vehicle-to-grid (V2G) integration, allowing trucks to supply energy back to the grid during peak demand periods.
From personal experience in the logistics industry, the transition to electric trucks equipped with advanced OBCs has markedly improved fleet efficiency. The ability to charge vehicles during off-peak hours has not only reduced fuel expenses but also contributed to sustainability goals. Moreover, the integration of bidirectional charging has opened new revenue streams by participating in energy markets.
As the North American truck on-board charger market continues to evolve, industries must stay abreast of technological advancements to fully capitalize on the benefits of electrification. Emphasizing the development and adoption of robust, efficient, and versatile OBCs will be crucial in meeting the dynamic demands of modern transportation networks.
North America Truck On board Charger Market
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BYD
Nichicon
Tesla
Infineon
Panasonic
Aptiv
LG
Lear
Dilong Technology
Kongsberg
Kenergy
Wanma
IES
Anghua
Lester
Tonhe Technology
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the North America Truck On board Charger Market
EV
PHEV
Based on Types the Market is categorized into Below types that held the largest Truck On board Charger market share In 2023.
3.0 - 3.7 kw
Higher Than 3.7 kw
Lower Than 3.0 kw
North America (United States, North America and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the North America Truck On board Charger Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. North America Truck On board Charger Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. North America Truck On board Charger Market, By Type
6. North America Truck On board Charger Market, By Application
7. North America Truck On board Charger Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
8. North America Truck On board Charger Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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